FAQs: Finance Score
Updated over a week ago

What is a Finance score?

Your finance score indicates the state of your finances, we use your current account transaction data, your income and outgoings to form this score. We then use your finance score in combination with your credit score. It helps to show you a full picture of your creditworthiness, as well as offer you a more accurate score to allow you to get better offers.

What’s the difference between your Credit Score and Finance Score?

Your finance score looks into your everyday spending from all of the bank accounts connected to Canopy.

Your credit score helps give lenders an overview of your future and your credit score looks at the history.

How do I sign up for a Finance score?

Simply sign up for Canopy Premium and connect your bank accounts. It's that simple!!

How does the Finance score work?

  • When you sign up to Canopy Premium you connect your Open Banking. When you connect your accounts via Open Banking you are providing access to your account details and account transactions.

  • Canopy will then send your data to Equifax who will analyse your transaction data for any connected bank account and calculate your finance score. The more accounts you connect the more accurate score and insights you will receive.

  • Your score and insights will update weekly based on incoming and outgoing transactions for that week.

  • If one of your bank connections expires after 90 days you will need to reconnect your account in order to carry on using Finance Score.

How safe are my account details?

Connecting your bank via Open banking is completely safe and secure. We will not have access to any of your passwords or login details.

When you connect your bank we will require access to the following information:

  • Account details

  • Account transactions

  • Bills and payments

Open banking connections expire every 90 days. Remember to re-authorise your bank connection before the 90-day period ends to continue using Finance Score. We will send you email reminders.

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